Provenance Gold Closes Over-Subscribed Private Placement
Rhea-AI Summary
Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) has successfully closed the final tranche of its non-brokered private placement, raising gross proceeds of $1,466,500. The offering was over-subscribed, demonstrating strong investor interest. The company issued 18,331,250 units at $0.08 per unit, with each unit comprising one common share and one share purchase warrant. The warrants are exercisable at $0.12 until October 9, 2027.
In connection with the closing, Provenance paid $12,810 and issued 160,125 warrants to arms-length brokerage firms. Securities issued are subject to resale restrictions until February 10, 2025. CEO Rauno Perttu emphasized the importance of aligning with strategic investors to advance the company's gold exploration projects in stable jurisdictions.
Positive
- Raised $1,466,500 in gross proceeds from an over-subscribed private placement
- Issued 18,331,250 units at $0.08 per unit, including share purchase warrants exercisable at $0.12
- Strong investor interest demonstrated by over-subscription of the offering
- Aligned with strategic investors sharing the company's long-term vision
Negative
- Dilution of existing shareholders due to issuance of 18,331,250 new units
- Payment of $12,810 and issuance of 160,125 warrants as fees to brokerage firms
News Market Reaction – PVGDF
On the day this news was published, PVGDF gained 7.70%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - October 11, 2024) - Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the "Company" or "Provenance") is pleased to announce that it has closed the final tranche (the "Final Tranche") of its previously announced non-brokered private placement (the "Offering") for gross proceeds of
Upon closing of the Final Tranche, the Company issued 18,331,250 units (each, a "Unit") at a price of
In connection with closing of the Final Tranche, the Company paid
"With our projects continuing to advance, our goal as a Company was to extend our reach into the investment community and in particular to align ourselves with strategic investors that share our vision for the long-term viability of our projects. We believe the strategic investors we have brought into this round will be critical to helping us achieve our vision of fast-tracking our gold exploration projects, which benefit from stable jurisdictions with established infrastructure and accessibility. We would like to thank our current shareholders for their continued support and welcome our new investors," Rauno Perttu, Provenance's CEO stated.
About Provenance Gold Corp.
Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver mineralization within North America. The Company currently holds interests in eastern Oregon, and Nevada, USA.
Provenance is also active on social media and invites investors to follow us on X to stay up to date with our latest news and developments: https://x.com/ProvenanceGold.
For further information please visit the Company's website at https://provenancegold.com or contact:
Rauno Perttu, CEO
rkperttu@provenancegold.com
1-541-930-0986
On behalf of the Board,
Provenance Gold Corp.
Rauno Perttu, Chief Executive Officer
Safe Harbor Statement: Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release. This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226357